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7 Ways to Finance Your Parents’ Elder Care as They Get Older

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The first step in assisting your elderly parent or relative with money management is to determine if they need help — and, if they do, how much help. Start by talking with your elderly relative. Some seniors will admit they need help and will welcome your assistance. Others will insist they can handle their affairs and so will resist intervention.

Caring for elderly parents’ finances. Sally Herigstad.. This is also a good time to get to know your parents’ financial contacts – the bank, things go back to the way they were before.

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In elementary school, kids look up to their parents. But during adolescence? Not so much. “Teenagers rebel because they want. to know who your child is hanging out with, but military-style.

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Your parents can do this when they are relatively healthy. Once they get older and not as healthy, it will be a pain for them to travel between US and Thailand. My parents are now at the age where they hate long international flights and such flights are very uncomfortable and taxing on their health.

Having power of attorney over your parents allows you to write their checks, pay their bills, change their investments, and attend to other financial matters. This legal document needs to be created before a parent becomes incapacitated. Opt for safe investments. When handling an elderly parent’s finances, the first word is safety.

How to Communicate with an Elderly Parent. Communicating with elderly parents is an important part of keeping in touch and making sure that they’re doing okay. As your parents age, there are likely to be concerns about their health, living.

Your parents are getting older and you know, slowly but surely, life is changing for them.. that by 2020, more than 12 million older Americans will need elder care.. not just the initial conversation, but finding out about their entire financial, legal, care for as little as two hours a day and up to 24 hours a day, 7 days a week.

 · Home » Blog » Parenting » 8 Ways to Help Your Aging Parents.. to check in with your parents and see how they’re doing. 3. Get other family involved.. who specializes in elder care.